September, 2023
The Fund returned -8.3% in September (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of -8.7%. Over the twelve months to September 2023 the Fund has returned +5.7% compared to the Benchmark return of +11.9%. A distribution of 0.3 cents per unit has been declared for the September quarter.
An overweight position in Eureka Group (EGH) added relative value during the month while an overweight in Rural Funds (RFF) detracted relative value. In the past year the Fund benefitted from an average underweight position in Scentre Group (SCG), while an overweight in NPR detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-September-2023.pdfAugust, 2023
The Fund returned +2.6% in August (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of +2.2%. Over the past three years to August 2023 the Fund has returned +6.9% pa, below the Benchmark return of +7.7% pa.
An overweight position in Rural Funds Group (RFF) added relative value during the month while an overweight in Newmark REIT (NPR) detracted relative value. In the past twelve months the Fund benefitted from an average underweight position in Scentre Group (SCG), while an overweight in NPR detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-August-2023.pdfJuly, 2023
The Fund returned +3.1% in July (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +3.9%. Over the twelve months to July 2023 the Fund has returned -4.4%, below the Benchmark return of -0.1%.
An overweight position in Lifestyle Communities (LIC) added relative value during the month while an overweight in Eureka Group (EGH) detracted relative value. In the past twelve months the Fund benefitted from an average underweight position in Dexus (DXS), while an underweight in Stockland Group (SG) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-July-2023.pdfJune, 2023
The Fund returned 0.0% in June (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of -0.1%. Over the twelve months to June 2023 the Fund has returned +3.3%, below the Benchmark return of +7.5%.
A distribution of 2.8 cents per unit has been declared for the June quarter. This takes the total distribution amount for the twelve months ending 30 June 2023 to 4.0 cents per unit. An underweight position in Scentre Group (SCG) added relative value during the month while an overweight in Aspen (APZ) detracted relative value. During financial year 2023, the Fund benefitted from an average underweight position in Dexus (DXS), while an overweight in Eureka (EGH) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-June-2023.pdfMay, 2023
The Fund returned -0.4% in May (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of -1.8%. Over the twelve months to May 2023 the Fund has returned -7.2% compared to the Benchmark return of -3.6%.
An underweight position in Vicinity Centres (VCX) added relative value during the month of May while an overweight in Lifestyle Communities (LIC) detracted relative value. We remain concerned about the impacts of rising rates and inflation on household finances, with an underweight to discretionary spend in mall operators.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-May-2023.pdfApril, 2023
The Fund returned +2.7% in April (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +5.2%. Over the twelve months to April 2023 the Fund has returned -15.7% compared to the Benchmark return of -10.2%.
An overweight position in Centuria Capital (CNI) added relative value during the month of April while an underweight in Mirvac (MGR) detracted relative value. We remain concerned about the impacts of rising rates and inflation on household finances, with an underweight to discretionary spend in mall operators.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-April-2023.pdfMarch, 2023
The Fund returned -6.8% in March (after fees but before tax basis), in line with the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of -6.8%. Over the twelve months to March 2023 the Fund has returned -17.5% compared to the Benchmark return of -14.0%.
An overweight position in Eureka Group (EGH) added relative value during the month of March while an underweight in Stockland (SGP) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-March-2023.pdfFebruary, 2023
The Fund returned -1.9% in February (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of -0.4%. Over the twelve months to February 2023 the Fund has returned -9.9% compared to the Benchmark return of -6.4%.
An overweight position in Eureka Group (EGH) added relative value during the month of February while an overweight in Lifestyle Communities (LIC) detracted relative value.
The S&P/ASX 300 Property Accumulation index returned -0.4% in February, outperforming the S&P/ASX 200, which returned - 2.4%. Office A-REITs were the strongest relative sector with a return of +1.9%, while Industrial A-REITs were the weakest at - 0.6%. The best performing stock was National Storage (NSR) at +9.1%, while Rural Funds (RFF) lagged at -13.5%.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-Feb-2023.pdfJanuary, 2023
The Fund returned +6.4% in January (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +8.1%. Over the twelve months to January 2023 the Fund has returned -8.1% compared to the Benchmark return of -4.6%.
An underweight position in Vicinity Centres (VCX) added relative value during the month of January while an overweight in Eureka (EGH) detracted relative value.
The S&P/ASX 300 Property Accumulation index returned +8.1% in January, outperforming the S&P/ASX 200, which returned +6.2%. Industrial A-REITs were the strongest relative sector with a return of +14.4%, while Specialised A-REITs were the weakest at +0.1%. The best performing stock was UnibailRodamco (URW) at +17.9%, while Arena (ARF) lagged, delivering -2.6%.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-Jan-2023.pdfNovember, 2022
The S&P/ASX 300 Property Accumulation index returned +5.8% in November, underperforming the S&P/ASX 200, which returned +6.6%. Industrial A-REITs were the strongest relative sector with a return of +12.1%, while Specialised A-REITs were the weakest at -2.3%. The best performing stock was Goodman Group (GMG) at +12.5%, while National Storage (NSR) lagged, delivering -8.4%.
November saw strong performance in the A-REIT sector as the 10-year Australian Government bond yields moderated from around 3.8% to 3.5%, and inflation showed signs of moderating.
The Fund returned +6.1% in November (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of +5.8%. Over the twelve months to November 2022 the Fund has returned -15.2% compared to the Benchmark return of -12.3%.
An underweight position in Scentre Group (SCG) added relative value during the month of November while an overweight in Eureka Group (EGH) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/22.11-Charter-Hall-Maxim-Monthly-Report-November-2022.pdfOctober, 2022
The Fund returned +6.1% in October (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +9.9%. Over the twelve months to October 2022 the Fund has returned -16.9% compared to the Benchmark return of -13.9%.
An underweight position in Dexus (DXS) added relative value during the month of October while an overweight in Eureka Group (EGH) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report-October-2022.pdfSeptember, 2022
The Fund returned -13.3% in September (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of -13.6%. Over the twelve months to September 2022 the Fund has returned -21.0% compared to the Benchmark return of -21.1%. A distribution of 0.5 cents per unit has been declared for the September quarter.
An underweight position in Scentre Group (SCG) added relative value during the month of September while an overweight in Ingenia Communities (INA) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/22-09-charter-hall-maxim-monthly-report-september-2022.pdfAugust, 2022
The Fund returned -1.9% in August (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of -3.6%. Over the twelve months to August 2022 the Fund has returned -10.9%, below the Benchmark return of -10.5%.
An underweight position in Dexus (DXS) added relative value during the month of August while an overweight in Ingenia Communities (INA) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/22-08-charter-hall-maxim-monthly-report-august-2022.pdfJuly, 2022
The Fund returned +11.4% in July (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +11.8%. Over the twelve months to July 2022 the Fund has returned -3.9%, below the Benchmark return of -1.2%.
An overweight position in Lifestyle Communities (LIC) added relative value during the month of July while an underweight in Scentre Group (SCG) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report_July-2022.pdfJune, 2022
The Fund returned -10.2% in June (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of -10.4%. Over the twelve months to June 2022 the Fund has returned -12.5%, below the Benchmark return of -11.2%. A distribution of 2.9 cents per unit has been declared for the June quarter. This takes the total distribution amount for the twelve months ending 30 June 2022 to 4.5 cents per unit.
An underweight position in Scentre Group (SCG) added relative value during the month while an overweight in RAM Essential Services (REP) detracted relative value. During financial year 2022, the Fund benefitted from an underweight position in Dexus (DXS -12.3%) while an underweight in Vicinity Centres (VCX) (VCX +21.8%) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/Charter-Hall-Maxim-Monthly-Report_June2022.pdfMay, 2022
The Fund returned -9.5% in May (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of -8.6%. Over the twelve months to May 2022 the Fund has returned +2.8%, below the Benchmark return of +4.6%.
An underweight position in Scentre Group (SCG) added relative the value during the month while overweight in Ingenia Communities (INA) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/22-05-charter-hall-maxim-monthly-report-may-2022-1.pdfApril, 2022
The Fund returned +0.4% in April (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +0.7%. Over the twelve months to April 2022 the Fund has returned +16.1%, slightly under the Benchmark return of +16.4%. An underweight position in Scentre Group (SCG) added relative value during the month while an overweight in Lifestyle Communities (LIC) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/22-04-charter-hall-maxim-monthly-report-april-2022.pdfMarch, 2022
The Fund returned 1.8% in March (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of +1.4%. Over the twelve months to March 2022, the Fund has returned +19.4%, slightly above the Benchmark return.
An overweight position in Rural Funds (RFF) added relative value during the month while underweight in Vicinity (VCX) detracted relative value. A distribution of 0.5 cents per unit was declared for the March 2022 quarter with payment in early April.
The best A-REIT performer over the month was Home Consortium (HMC) at +9.6% while Abacus (ABP) recorded - 5.7%. There was one equity raising this month, with Abacus (ABP) seeking $200m to replenish its investment capacity. The major news item was the shift in bonds from 2.1% to 2.8% over the month. Softening bond yields are often associated with weak relative performance in defensive (income focused) asset classes such as AREITs.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/22-03-charter-hall-maxim-monthly-report-mar-2022.pdfFebruary, 2022
The Fund returned 0.0% in February (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +1.5%. Over the twelve months to February 2021 the Fund has returned +24.9%, in line with the Benchmark return. An underweight position in both Scentre Group (SCG) and Dexus (DXS) detracted relative value during the month.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/charter-hall-maxim-monthly-report-feb-2022.pdfJanuary, 2022
The Fund returned -9.2% in January (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of -9.4%. Over the twelve months to January 2021 the Fund has returned +22.9%, outperforming the Benchmark return of +19.9%. An overweight holding in Eureka Group (EGH) added relative value during January while an overweight holding in Lifestyle Communities (LIC) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/charter-hall-maxim-monthly-report-jan-2022.pdfDecember, 2021
The Fund returned +3.9% in November (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +4.0%. Over the twelve months to November 2021 the Fund returned +25.7%, outperforming the Benchmark return of +21.4%. An overweight holding in Rural Funds Group (RFF) added relative value during the month of November while an underweight holding in Scentre Group (SCG) detracted relative value.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-nov-2021.pdfOctober, 2021
The S&P/ASX 300 A-REIT Accumulation Index returned +0.6% during October, outperforming the Australian equities market (S&P/ASX 300 Accumulation Index) return of -0.1%. Over the past 12 months, AREITs returned +31.8%, above the equities market return of +28.0%.
The month witnessed a slew of September quarter operational updates, showing robust AREIT fundamentals. Discretionary retail newsflow improved as a number of shopping centres transacted at pricing levels ahead of market expectations, coinciding with the reopening of malls. Lockdowns impacted office leasing volumes and residential sales remained strong. Industrial assets remain keenly sought for both capital and income gains.
In corporate news, Homeco Daily Needs (HDN) proposed to acquire Aventus Group (AVN) via a scheme to create a $4.1 billion daily needs and large format retail market leader.
The Fund returned +0.8% in October (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of +0.6%. Over the twelve months to October 2021 the Fund returned +33.8%, outperforming the Benchmark return of +31.8%
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/charter-hall-maxim-monthly-report-oct-2021.pdfSeptember, 2021
The Fund returned -2.1% in September (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of -1.9%. Over the twelve months to September 2021 the Fund returned +33.3%, outperforming the Benchmark return of +30.6%.
An overweight holding in Lifestyle Communities (LIC) added relative value during the month of September while an underweight holding in Scentre Group (SCG) detracted relative value. A distribution of 0.4336 of one cent per unit was declared for the September 2021 quarter to be paid early in October and taking total distributions for the year to 30 September 2020 to 2.434 cents per unit.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-sep-2021.pdfAugust, 2021
The Fund returned +5.8% in August (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +6.4%. Over the twelve months to August 2021 the Fund returned +37.1%, outperforming the Benchmark return of +31.8%.
An overweight holding in Lifestyle Communities (LIC) added relative value during the month of August while an underweight holding in Scentre Group (SCG) detracted relative value
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-august-2021.pdfJuly, 2021
The Fund returned +1.4% in July (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +0.5%. Over the twelve months to July 2021 the Fund returned +38.9%, outperforming the Benchmark return of +33.7%.
The S&P/ASX 300 A-REIT Accumulation Index returned +0.5% during July, underperforming the Australian equities market (S&P/ASX 300 Accumulation Index) return of +1.1%. Over the past 12 months, AREITs returned +33.7%, outperforming the equities market return of +29.1%.
July saw an extension of the Sydney lockdown which provided negative sentiment for retail and office focused A-REITs. Bonds firmed sharply over the month from 1.53% to 1.18% after reaching 1.91% in February 2021, providing a strong tailwind for the yield-sensitive real estate sector
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-july-2021.pdfJune, 2021
The Fund returned +5.6% in June (after fees but before tax basis), in line with the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +5.6%. Over the twelve months to June 2021 the Fund returned +36.6%, outperforming the Benchmark return of +33.9%.
A distribution of 0.5 cents per unit has been declared for the June 2021 Quarter to be paid on 9 July 2021. This takes the total distribution amount for the 12 months ending 30 June 2021 to 2.26 cents per unit.
An underweight holding in Scentre Group (SCG) added relative value during the month of June while a zero weight in Home Consortium (HMC) detracted relative value. During financial year 2021, the Fund benefitted from overweight positions in Eureka Group (EGH +89.7%) and Lifestyle Communities (LIC +65.6%). A negative contribution to annual returns came from a zero weight in both Home Consortium (HMC +103.0%) and Arena REIT (ARF +71.1%)
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/charter-hall-maxim-monthly-report-june-2021.pdfMay, 2021
The S&P/ASX 300 A-REIT Accumulation Index returned +1.8% during May, underperforming the Australian equities market (S&P/ASX 300 Accumulation Index) return of +2.3%. The best A-REIT performers over the month were Unibail Rodamco (URW) at +7.2% and Arena REIT (ARF) at +5.9%. Key underperformers were Home Consortium (HMC) at -5.2% and Charter Hall Long WALE (CLW) at -2.0%.
Key news in the month included quarterly updates from many AREITs, with Goodman Group (GMG) upgrading their development profit expectations, Scentre Group (SCG) showing improved visitation rates and Charter Hall Group (CHC) upgrading FY21 earnings guidance. Charter Hall Long WALE REIT (CLW) raised $250m to acquire four office assets and one service station and Dexus (DXS) entered into a scheme of agreement to acquire the APN Property Group (APD) that manage $2.9bn of funds.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-may-2021.pdfApril, 2021
The S&P/ASX 300 A-REIT Accumulation Index returned +3.1% during April, underperforming the Australian equities market (S&P/ASX 300 Accumulation Index) return of +3.5%. The best A-REIT performers over the month were Centuria Office (COF) +9.5% and Charter Hall Group (CHC) at +8.7%. Key underperformers were Vicinity Centres (VCX) at -4.2% and Scentre Group (SCG) at -3.5%.
April saw Blackstone sell the Milestone industrial portfolio for a reported $3.8bn (including platform value and transaction costs) to an ESR managed fund. Centuria Capital Group (CNI) announced a merger with Primewest (PWG), increasing assets under management from $10.5bn to $15.5bn.
The Fund returned +3.4% in April (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of +3.1%. Over the twelve months to April 2021 the Fund returned +35.7%, outperforming the Benchmark return of +31.8%. An overweight holding in Primewest (PWG) and an underweight holding in Scentre Group (SCG) added relative value during the month of April.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/charter-hall-maxim-monthly-report-apr-2021.pdfMarch, 2021
The S&P/ASX 300 A-REIT Accumulation Index returned +6.3% during March, outperforming the Australian equities market (S&P/ASX 300 Accumulation Index) return of +2.3%. The best A-REIT performers over the month were Unibail (URW) at +14.8% and Centuria Industrial (CIP) at +14.0%. Key underperformers were Scentre Group (SCG) at -2.1% and Rural Funds (RFF) at +0.3%.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-mar-2021.pdfFebruary, 2021
In February the Fund returned -1.7% (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of -2.5%. Over the twelve months to February 2021 the Fund returned -8.1%, outperforming the Benchmark return of -11.3%.
For the month of February, no holding in Charter Hall Group (CHC -12.9%) added relative value while an underweight holding in Scentre Group (SCG +8.2%) detracted relative value during the month.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-feb-2021.pdfJanuary, 2021
In January the Fund returned -3.2% (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of -4.1%. Over the twelve months to January 2021 the Fund returned -9.6%, outperforming the Benchmark return of -13.3%. For the month of January, an underweight holding in Charter Hall Group (CHC -7.4%) added relative value while an overweight holding in Centuria Office REIT (COF -8.6%) detracted relative value during the month.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-20210131-final.pdfDecember, 2020
In December the Fund returned +1.0% (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 A-REIT Accumulation Index) return of +0.6%. Over the twelve months to December 2020 the Fund returned -1.4%, outperforming the Benchmark return of -4.0%.
For both the month of December and during 2020, an overweight holding in Lifestyle Communities (LIC) added relative value. LIC delivered +13.5% in December and +39.5% in 2020. An underweight holding in Charter Hall Group (CHC +8.5% in December and +37.0% annual return) detracted relative value during the month and the year.
A distribution of 1.00 cent per unit was declared for the December 2020 quarter with payment in early January 2021.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-20201231-final.pdfNovember, 2020
In November the Fund returned +10.6% (after fees but before tax basis), underperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of +12.9%. Over the year to 30 November 2020 the Fund delivered a -4.9% return (after fees but before tax) outperforming the Benchmark return of -8.6%.
Positive contributions to returns during the month came from overweights in Lifestyle Communities (LIC +10.7%) and Eureka Group (EGH +16.0%). A negative contribution to November returns came from underweights in both Vicinity Centres (VCX +36.4%) and Scentre Group (SCG +33.3%)
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-monthly-report-20201130.pdfOctober, 2020
In October the Fund returned +0.4% (after fees but before tax basis), outperforming the Fund’s Benchmark (S&P/ASX 300 AREIT Accumulation Index) return of -0.3%. Over the year to 31 October 2020 the Fund delivered a -11.5% return (after fees but before tax) outperforming the Benchmark return of -17.2%.
Positive contributions to returns during the month came from underweights in both Vicinity Centres (VCX -12.0%) and Scentre Group (SCG -4.5%). A negative contribution to October returns came from an underweight holding in SCA Property Group (SCP +8.4%) and an overweight in Primewest (PWG -5.8%).
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-aug-2020.pdfAugust, 2020
The S&P/ASX 300 AREIT Accumulation Index returned +7.9% for the month of August, outperforming the Australian equities market (S&P/ASX 200 Accumulation Index) return of +2.8%. In the past 12 months, AREITs returned -17.2%, underperforming the equities market return of -5.1%. The best AREIT performers over the month were Stockland Group (SGP) at +24.1% and Charter Hall Group (CHC) at +18.9%. Key underperformers were Unibail-Rodamco-Westfield (URW) at -8.6% and Centuria Industrial (CIP) at -4.2%. All AREITs provided financial and operating updates during the month. Operating metrics deteriorated for the larger shopping centre landlords such as Scentre Group (SCG) and Vicinity (VCX), while grocery anchored AREITs performed much better. SCG and VCX both recorded valuation declines around -10% and rental collection was approximately 50% for the June quarter due to rental waivers and provisions. The office and industrial sectors operating metrics were materially stronger, and those firms exposed to the residential sector saw sales rates lift considerably in June and July. The fund managers provided strong guidance, led by Charter Hall (CHC) and Goodman Group (GMG) while Long WALE assets also performed well. All AREITs are receiving earning tailwinds from lower borrowing costs.
File: https://commentary.quantreports.net/wp-content/uploads/2020/10/chmpsf-aug-2020.pdfticker: COL0001AU
commentary_block: Array
factsheet_url:
https://www.charterhall.com.au/investments/funds/charter-hall-maxim-property-securities-fund/reports-and-publications
release_schedule: Monthly
fund_features:
Charter Hall Maxim Property Securities Fund aims to outperform the S&P/ASX 300 A-REIT Accumulation Index by 1.5% p.a. over rolling 3 year periods whilst also aiming to achieve a balance between growth in the value of your Units as well as income from your investment.
- Applying top-down research which focuses on identifying those sub-sectors which are likely to add value.
- Quantitative and qualitative factors are utilised to identify real estate securities which have clearly focused management teams; have quality assets; are appropriately valued; have sustainable earnings and distribution growth; and have an appropriate corporate and capital structure.
manager_contact_details: Array
asset_class: Property and Infrastructure
asset_category: Australian Listed Property
peer_benchmark: Property - Australian Listed Property Index
broad_market_index: ASX Index 200 A-REIT Index
structure: Managed Fund